90 STAT. 690
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PUBLIC LAW 94-312—JUNE 21, 1976
- - Public Law 94-312
94th Congress
An Act
June 2 1, 197o [S. 532]
rjiQ authorize the Secretary of Agriculture to amend retroactively regulations of the Department of Agriculture pertaining to the computation of price support payments under' the National Wool Act of 1954 in order to insure the equitable treatment of ranchers and farmers.
Be it enacted by the Senate and House of Representatives of the Wool price United States of America in Congress assembled, That the Secretary supports. of Agriculture is authorized to amend retroactively regulations of the Regulations. Department of Agriculture pertaining to the computation of price ^ irlr 17«^ ^^^^ support payments under the National Wool Act of 1954 in order that 7 USC 1781 note, ^j^g amount of such payments may, in the case of any rancher or farmer, be computed on the basis of (1) the net sales proceeds received, or (2) in the case of any rancher or farmer who failed to realize the amount provided for in the sales document, the lesser of the following: (A) the net sales proceeds based on the price the rancher or farmer would have received had there been no default of payment under such document, or (B) the fair market value of the commodity concerned at the time of sale. 7 USC 1785 note. g^^ £. The Secretary of Agriculture is further authorized to reconsider any application Aled for the payment of price support under the National Wool Act of 1954 with respect to any commodity marketed during the four marketing years 1969 through 1972 and to make such payment adjustments as he determines fair and equitable on the basis of any amendment to regulations made under authority of the first section of this Act. Approved June 21, 1976.
LEGISLATIVE HISTORY: HOUSE REPORT No. 94-1161 (Comm. on Agriculture). SENATE REPORT No. 94-716 (Comm. on Agriculture and Forestry). CONGRESSIONAL RECORD, Vol. 122 (1976): Apr. 13, considered and passed Senate. June 7, considered and passed House.
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